SUNBIZ

Loan Scheme For SMEs On A-G’s Agenda

Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum said the Government would announce new initiatives for the micro enterprise sector, small business sector and the medium business sector.
24 May 2020 10:09
Loan Scheme For SMEs On A-G’s Agenda
Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum. Photo: DEPTFO

The Government is expected to announce today its plans to help small and medium enterprises (SMEs) through a loan scheme.

Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum said the Government would announce new initiatives for the micro enterprise sector, small business sector and the medium business sector.

He said: “We are looking at some very generous concessional loans, in particular, for those who are in the small and medium enterprises, and are struggling.

Staying afloat

“We are looking at how we can actually help them with the cash flow, so that they can sustain their business and keep them afloat.

“Then we look at those in the micro business sector, not only those who are there, but those who may want to come into that sector.”

Mr Sayed-Khaiyum said many skilled workers in the tourism sector were unemployed.

There could be opportunities for them to get into business, he said.

He said for example a pastry chef wants to use his skills and start a business, and may have the need to buy an oven.

Mr Sayed-Khaiyum said the Fiji Institute of Accountants, Fiji Chamber of Commerce and Industry, Fiji Commerce and Employers Federation, Women in Business, and Micro, Small and Medium Enterprises Fiji (MSME Fiji) worked behind the scene to come up with the idea of such a loan scheme.

He said the Fiji Institute of Accountants, which had members all over Fiji, would assist people by providing specialist help, such as drawing up business plans.

On Friday, Mr Sayed-Khaiyum had announced a $30 million unemployment benefit fund would be financed by the Government.

He said the funds would be rolled through the Fiji National Provident Fund (FNPF) as the organisation had reliable data about people who were affected.

Mr Sayed-Khaiyum said FNPF had proven itself as a good conduit for rolling out financial assistance.

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